It’s a few centuries out. Humans have begun colonizing other systems, with commerce and trade as the focus. The Earth’s Company has been managing things, establishing these stations, and it has a military Fleet to help keep things in line, and the merchant traders, who are organized in family groups, carry some power as well.

But, the furthest-out systems, there is independence a-brewing. The outer planets have formed a Union and a fighting for independence from Earth. Earth itself is increasing incapable to dealing with them, and doesn’t particularly care. The Fleet is basically on its own in fighting the Union infiltrations of important trading stations ~ either the stations come into Union hands, or they get blown. And, there’s a sentient race on the planet Downbelow beneath Pell Station that plays a part.

The main characters here are pretty solid. In particular, Signy Mallory, the woman in command of the Fleet carrier Norway, kicks ass.

Things are tough on Pell Station. It’s full of refugees and, perhaps, Union agents. The old sly commander of the Fleet, Mazian, has a master plan of his own to implement.

Worth reading. Fairly decent “sci” from what I could gather, particularly regarding the carrier battles; and pretty solid “fi”. I’d slot in the top half of the Hugo’s I’ve read. I think this one is number 49.